Ah, meters! Worth learning to understand the jargon about.
In general though, peak when tracking then peak and rms when mixing.
Peak is most important when tracking to a DAW. You *never* want to peak above 0dBFS (full scale)- clipping the convertors doesn't sound good at all. I think that's the only reason peak meters are so common these days and everyone is confused about rms.
When mixing, you don't want any clipping either so you have to watch your peaks, but rms readings will more accurately reflect what your ear is hearing.
That's the short of it. Accurate metering hardware is expensive and metering plugs take a fair amount of overhead if you use them on every track- which I sometimes do and just disable them when I'm not looking at them.
I'm kind of a geek about it though. I started on analog as a kid and missed real VU meters so I bought an old Tascam mixing board with a bunch of VU meters in it. Happiness. 12 VU meters with peak lights.

Less expensive than one stand alone box with 4 meters in it... but probably way less accurate, too, and certainly harder to adjust.
Farview's question about VU ballistics is spot on, too. Are you sure the "rms" meter is true rms and not just peak metering slowed down to act more like rms? It doesn't really matter (ears, use your ears) but I'd check the documentation and find out just so you know what you're dealing with.
Have fun! This is some the "engineering" part of being and audio engineer. Good stuff.
Chris